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It turns out Minimax and Zhipu are pretty similar—at one point, Minimax even had a higher market cap.
But later:
Zhipu nailed the coding scenarios → caught the right wave
Minimax bet on multimodal → currently not on the main track
In addition, a substantial portion of Minimax’s overseas revenue comes from a certain industry.
The most critical turning point:
Starting June 8, Zhipu has joined the Hong Kong Stock Connect, and A-share accounts can buy it directly.
Minimax hasn’t joined yet.
And that’s how the gap got widened.